ZHENGGUANG(SZ:301092) Dong Jian Yan Bao·2025-05-15 13:34Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The company has traditional advantages in the nuclear power field and has launched import - substitution products in cooperation with relevant national nuclear technology authorities, which have entered into practical application. It is also carrying out R & D and promotion in the battery recycling and solar polysilicon fields [21]. - The company aims to gain more market share in the mid - high - end water treatment market, as there is a large space for import substitution in high - value - added products for condensate water treatment [21]. - The completion of the company's fundraising projects will enhance its core competitiveness, reduce labor costs, increase production efficiency, and meet market demand [22]. - The company's Jingmen production base focuses on new energy, environmental protection, and biomedicine fields, and is expected to start trial production by the end of 2025 and reach the intended use state by the end of April 2026 [22]. - According to the 2024 annual profit distribution plan, the company plans to distribute a cash dividend of 2.60 yuan per 10 shares (tax - included) to all shareholders, and future dividend plans will be determined based on specific circumstances [22][23]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhengguang Co., Ltd., belonging to the chemical products industry. The reception time was May 15, 2025. The listed company's reception personnel included the deputy general manager, board secretary, financial director Wu Yafei, and the securities affairs representative Che Cheng [16]. 3.2. Detailed Research Institutions - The research institutions include Huian Fund (represented by Wang Minglu), Huihong Asset (represented by Zhang Li), Nuoyan Fund (represented by Zhou Xiaoqi), CITIC Securities (represented by Sun Chenxing), PICC Asset (represented by Tian Lei), Guotai Haitong (represented by Wang Ruijian), and CICC (represented by Ye Endong) [17]. 3.3. Research Institutions Proportion There is no information about the research institutions proportion in the provided content. 3.4. Main Content Data - Company Introduction: The board secretary introduced the company's basic and operating conditions, as well as industry and product information [21]. - New Energy Progress: The company has advantages in the nuclear power field, and is also involved in battery recycling and solar polysilicon R & D [21]. - Mid - High - End Water Treatment Market Goals: The company aims to gain more share in this market, with large import substitution space for condensate water treatment resin [21]. - Fundraising Project Completion: As of the end of 2024, some projects have been completed, which will enhance the company's competitiveness [22]. - Jingmen Production Base: Focuses on new energy, environmental protection, and biomedicine, expected to start trial production by the end of 2025 and reach normal operation by April 2026 [22]. - Dividend Situation: Plans to distribute a cash dividend of 2.60 yuan per 10 shares in 2024, and future dividends will be determined according to circumstances [22][23].